Untitled Document

March 2019

CCIS NEWS

CCIS Awards: 6 Oscars awarded for economic achievements

 

On 7 March 2019, six businessmen from five Slovenian regions and six branches received the CCIS Award for extraordinary economic and entrepreneurial achievements. This was now for the 51st time that the Chamber of Commerce and Industry of Slovenia (CCIS) presented this award as recognition to businessmen for their many years of successful company management. The CCIS Award for 2018 went to:

  • Rok Barbič, Managing Director, STILLES d.o.o., Inženiring in notranja oprema Sevnica
  • Msc. Tomaž Berginc, CEO, ETI Elektroelement d.o.o., Izlake
  • Rudolf Horvat, Manager, Saubermacher Slovenija d.o.o., Murska Sobota
  • Srečko Jesenek, Manager, Tiskarna JESENEK d.o.o., Ljubečna
  • Peter Kosin, General Manager, INEA d.o.o., Ljubljana
  • Dušan Olaj, Manager, DUOL d.o.o., Brezovica

Slovenian-Bulgarian business forum with state Presidents

 

Over 150 Slovenian and Bulgarian businessmen attended the business forum on 11 March that saw the speeches by Presidents Radev and Pahor. The event was organised by the CCIS together with the SPIRIT Slovenia Public Agency and the Ministry of Foreign Affairs of the Republic of Slovenia to mark the visit of Rumen Radev, the President of the Republic of Bulgaria. The latter also signed in the CCIS book of honorary guests.

 
UPCOMING EVENTS

27 March: National conference 55+ to boost employability of 55+ generation

The conference will shed light on the measures aimed at boosting the employment rate of the elderly in Slovenia, while highlighting key elements enabling this group of people to keep their jobs and shaping workplaces in line with their needs. The event will also introduce useful solutions for companies and present examples of good practice.

2nd April: 6th International Conference of SMEs - Together in Digital Entrepreneurship

At the conference, which will be held under the patronage of the President of the Republic of Slovenia, Borut Pahor, we will talk with domestic and foreign lecturers about digitization in micro, small and medium-sized enterprises and the impact of blockchain technology on SMEs.

10 April: 2nd National conference on the internationalisation of Slovenian economy

The conference is organised by the Ministry of Economic Development and Technology, the SPIRIT Slovenia Public Agency, the CCIS and the Ministry of Foreign Affairs of the Republic of Slovenia. The motto of this year’s conference is:
“More exporters + more markets + higher value added = EUR 50 billion in exports and EUR 60,000 in value added per employee by 2025”.

7-12 April: Slovenian transport and logistics delegation to INDIA, Mumbai and Chennai

The delegation is organised by the Public Agency SPIRIT Slovenia, the Ministry of Economic Development and Technology, the CCIS and the Slovenian Embassy in New Delhi.

Up until 11 April: Exhibition of achievements of the Slovenian industry of smart buildings and homes, including wood chain - Future Living

The exhibition presents the portfolio, products, services and development achievements of the Slovenian industry and science in the field of smart buildings and wood value chain. It is organized as a showroom of solutions and products focusing on Slovenian innovative achievements and solutions. The entire building at the Chamber of Commerce and industry of Slovenia at Dimičeva 13 in Ljubljana has become an interactive exhibition space enriched with the contents of virtual and augmented reality. The exhibition is organised by the Chamber of Commerce and Industry of Slovenia in cooperation with the Strategic Research and Innovation Partnership - Smart buildings and homes, including wood chain (SRIP PSiDL), the Ministry of Foreign Affairs, the Ministry of Economic Development and Technology and with the support of the SPIRIT Slovenia - Public Agency.

12 – 13 June: How to become a supplier to the United Nations?

Through public procurements, the United Nations (UN) procure goods and services worth USD 18 billion on an annual basis, mainly relating to the fields of health, transport, food and agriculture, construction, engineering, and consulting and administrative services. This undoubtedly offers a potential business opportunity for Slovenian companies, too. We would like to invite interested Slovenian companies to attend the following events:

  • 1:1 meetings with decision makers involved in the public procurements from the largest UN agencies;
  • the seminar entitled “How to become a supplier to the United Nations?”;
  • business networking with companies from Great Britain, Ireland and the Netherlands on establishing partnerships for supplies to the UN within international consortia.
The event is organised by the Embassy of the Republic of Slovenia in Copenhagen together with the CCIS, the partner Embassies of Great Britain, Ireland and the Netherlands, and the UN, and will take place in the Danish capital city Copenhagen on 12 and 13 June 2019.

 
BETTER REGULATION

21 February: Sick leave on the rise

The rate at which the number of days lost due to sick leaves in Slovenia has increased in the recent years causes concern. Slovenia exceeds the European average by a quarter, imposing a great financial burden on the public health funds as well as the employers. Sonja Šmuc, General Manager of the CCIS: “To improve the general health, we need to raise awareness and encourage responsible attitude across the whole population. Efforts to reduce morbidity must be supported by the state, too, with resources for preventative measures and through financial incentives. A number of illogicalities should be abolished. For instance, if a company offers their employees flu vaccination, one would expect this to constitute a tax-deductible company’s expense. After all, such measures improve health of the employees and reduce sick leaves, thereby decreasing public expenditure.”

26 February: First responses to the information on tax amendment proposal

The proposal for tax amendments introduced by the Ministry of Finance is a welcome and long-awaited incentive to the growth of salaries and variable remuneration in the Slovenian business sector. It improves the position of all employees. On the other hand, we would like to emphasise that the rise of the corporate income tax and the capital income tax is too quick and too high and, given the record-breaking income from the taxes collected in the business sector, completely unnecessary and harmful.

12 March: Retirement should not be the end of working life

Demographic trends require swift changes also in the field of the pension and disability insurance, as the CCIS has been pointing out for a number of years. The share of active population in the age group of 55+ should be increased, the actual retirement age and the required pensionable service should be increased gradually, and a suitable solution for the double status of pensioners should be introduced.

 
DATA SECTION

The world economy continues to cool down. OECD expects the global growth to increase by 3.3% this year and by 3.4% in 2020. A major slowdown in China will influence the growth and trends in the international commerce. In 2019, the Chinese economic growth is expected to be between 6% and 6.5%. Export-oriented companies have been affected by the negative consequences of the US-China trade war for a while, but now the negative impacts have caused companies and consumers to lose their trust, and they slowly started to cut down on their expenses in fear of the crisis deepening even further. This year, the economic growth in the USA will stabilise at 2.5%, while in 2020, it will amount to around 2%, as the support resulting from the effect of the fiscal policy has been slowly weakening. Favourable results on the labour market still support private consumption, while on the other hand, higher customs duties have started to result in higher business costs and prices, leading to a more steady growth of business investments and exports. The economic growth in the Euro zone started to turn down last year, and forecasts suggest it will reach 1% this year and 1.2% in 2020. The economic growth in Germany is expected to get to only 0.7% this year and in France to 1.3%, while Italy is expected to slip into recession with a 0.2% decrease in the economic growth. Europe continues to be marked by the considerable uncertainty regarding the politics, including Brexit. An unregulated exit would increase costs for European companies significantly. Forecasts for Slovenia are still relatively good. In February, Consensus Economics (based on the forecast of 13 institutions) forecast a 3.4% economic growth for Slovenia for this year, and a 2.8% growth for 2020. According to the estimates of the CCIS Analytics, the growth will be driven by the home consumption, mainly of households and partially of the state, particularly in relation to investments. In the first quarter, the exports and processing industries will impact the growth of value added added value only slightly. The year will presumably be positive for the construction and trade sectors.

Back in January, short-term indicators showed favourable results for Slovenia as a high year-over-year growth in exports and imports was recorded (over 8.5%). The growth of industrial production remains close to 6%, which is still positive, given the slowdown in the main export markets. Service sectors have grown too. Turnover continues to be higher in the retail sales of non-food products (year-over-year growth of 12%) as well as retail sales of food products (just above 1%). The sales of motor fuel has experienced a higher growth too (20%). Both Europe and Slovenia have started to feel the downturn in the automotive industry, as this year’s growth (+5%) has been lower compared to last year. This year, also the production of motor vehicles and caravans is by 9% lower year-over-year.

Below you can find some statistical data for Slovenia:

 

Growth rates in % - in comparison to the same period of previous year

Latest data

GDP – real growth

3.6

4.q 2018, S.A.*

GDP – forecast for 2019**

3.4

Feb. 2019

Consumer prices (HICP)

1.2

Feb. 2019

Exports of goods

13.7

Jan. 2019

Imports of goods

8.7

Jan. 2019

Industrial production (manufacturing)

5.8

Jan. 19

Retail sales w/o motor fuels (real)

6.5

Jan. 19

Construction (real)

5.9

Dec. 2018

Exchange rate EUR/USD

1.1351

Feb. 19

Diesel (EUR/liter), VAT incl.

1.269

Valid from March. 12th, 2019

*seasonally and calendar adjusted
**Eastern European Consensus


 
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